The chart above, taken from the latest presentation by Alexander Ineichen at Ineichen Research & Management, shows the path of various stock markets following historic bubbles and crashes.

Believe it or not, one of the worst stock market recoveries in history — worse, for example, than that of U.S. stocks in the wake of the 1929 crash, or tech stocks in the wake of the collapse of the dot-com bubble — is playing out right now in China.

The Shanghai Composite is down more than 60% from its 2007 peak and has shown no signs of turning up.